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Capital Outflows: Where the Money Goes?

Author

Listed:
  • Moiseev, Alexey

    (VTB Capital)

  • Grigorieva, Oxana

    (VTB Capital)

Abstract

During the past year capital outflow data were overcoming CBR’s forecasts significantly and both banking and corporate sectors have contributed to this tendency. Capital outflow from banks can be explained by a number of factors that influence balance of payments a lot: opening deposits abroad, servicing of clients’ FX transactions, operations with Russian companies in offshore jurisdiction and funding of offshore subsidiaries. Considering corporate sector capital outflow of the last years was related to abundant flows of foreign direct investments of Russian companies. Significant part of them was attributed to contributions in capital abroad, particularly transnational M&A deals.

Suggested Citation

  • Moiseev, Alexey & Grigorieva, Oxana, 2012. "Capital Outflows: Where the Money Goes?," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 33-49, February.
    • Handle: RePEc:rnp:ecopol:ep1216
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